Pakistan's economy heavily relies on paper-based processes, with records in finance, health, education, and agriculture industries still being predominantly paper-based.
This manual approach leads to significant delays in banking decisions and customer service, hindering financial inclusion and driving up costs. The absence of artificial intelligence, big data, and robotic processing further exacerbates inefficiencies.
To address these challenges and promote digital transformation, the State Bank of Pakistan (SBP) has introduced a retail digital bank license. This initiative aims to revolutionize the banking sector, improve customer experiences, and foster financial inclusion.
Nadeem Hussain, Chairman of the Pakistan Fintech network, sheds light on the significance of this new license.
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